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Gold prices recovered some ground on Thursday as investors awaited the ECB (European Central Bank) meeting coming up later in the day for directional cues.

Spot gold edged up 0.4 percent to $1,503.06 per ounce while U.S. gold futures were up half a percent at $1,510.65 per ounce.

The ECB is widely expected to introduce a package of monetary easing and stimulus measures to offset the negative effects of a U.S.-Chinese trade war and Brexit.

The Federal Reserve and the Bank of Japan will be meeting next week and it remains to be seen whether they will live up to markets' dovish expectations.

Trade developments also remained in focus, with U.S. President Donald Trump announcing a short delay to scheduled tariff hikes on billions worth of Chinese goods after China decided to exempt some U.S. anti-cancer drugs and other goods from its tariffs.